Investors voted Tuesday to give the blank check company attempting to take Truth Social public another year to finalize its merger with former President Trump’s media startup, according to reports.
Shareholders in Digital World Acquisition Corp. (DWAC) granted the company a 12-month extension to close the deal with Trump Media & Technology Group (TMTG), just days before its Sept. 8 merger deadline, Axios reported.
This is the company’s second yearlong extension.
If the extension vote had failed, DWAC would have been required to liquidate and return the $300 million it raised to shareholders, according to Reuters.
Hanlon’s razor: Never attribute to malice that which can be explained by stupidity. And god knows there’s plenty of stupid in this country to go around.
We’ve seen countless times when someone with even the slightest amount of name recogntion launches a product that investors think consumers want. There’s all sorts of hype to get in on the ground floor because this time, this idea is going to make all the money, and you don’t want to miss out on that, do you? Then as usual, the product flops, the celebrity quickly distances themselves from the failed product, and a whole bunch of people lose a whole bunch of money.
That’s all this was.
Saying that it’s another dark money political op would imply that (a) mega-rich people are just gleefully throwing hundreds of millions of dollars into the void, (b) they don’t already have about eleventy billion other dark money ops going on that are more well established, and © they’re all-in on some dollar-store conspiracy to turn a dime-store Twitter rip-off into the next Fox News in the worst way possible.
Nah. This is just another example of a bunch of people throwing their money into the Trump Void, then wondering where their money went.